France becomes crypto kidnapping hotspot
France has developed an unfortunate reputation in the crypto world. Media outlets are now calling it the global capital for crypto-related kidnappings, what the industry calls wrench attacks. These aren’t just digital thefts—they involve physical threats, violence, and actual abductions to force victims to transfer their digital assets.
Last year, France recorded 19 of these wrench attacks, more than any other country. This year has already seen six cases, which seems to confirm the trend. The stories are pretty disturbing when you look at them.
Recent high-profile cases
Earlier this month, Binance France CEO David Prinçay was targeted in what police called a poorly executed home invasion. Three masked men, reportedly armed, broke into a residential building in Val-de-Marne around 7 AM on February 12. They were apparently looking for the Binance executive.
Then there was the case involving a magistrate’s partner. A 35-year-old magistrate’s husband received a picture of his wife with threats to mutilate her if he didn’t pay a ransom in cryptocurrency. The wife was targeted because her husband worked with a cryptocurrency startup.
That situation turned into a major police operation with about 160 officers involved. The magistrate and her elderly mother were held in a garage in southern France’s Drôme region for 30 hours. They only escaped because a neighbor heard the commotion and helped them get out.
No ransom was paid in that case, and French authorities arrested six suspects. But it’s just one example of what’s been happening.
Why France, and why now?
Several factors seem to be driving this. Data breaches are a big part of it. In June 2025, French media reported that an employee at the country’s tax agency had been providing criminals with data on crypto investors.
Then in January, Waltio—a service that helps investors calculate and report crypto gains for taxes—got hacked. That breach exposed data for 50,000 customers, including email addresses and their 2024 tax reports.
Ari Redbord from TRM Labs put it this way: “As cryptocurrency adoption grows and more value is held directly by individuals, criminals are increasingly incentivised to bypass technical defenses altogether and target people instead.”
The broader picture
Globally, wrench attacks have increased by 75% from 2024 to 2025. There have been about 25 kidnappings, 3 murders, and over $40 million in losses. Europe accounts for nearly 40% of these incidents, with France leading by a wide margin.
What’s interesting—or maybe concerning—is that many of the perpetrators caught are young. Often they’re minors or young adults recruited through apps like Telegram. They’re paid relatively small amounts to carry out these attacks.
Despite arrests, there haven’t been any convictions yet. Experts think this lack of legal consequences contributes to the problem. There’s no real deterrent when people don’t face serious punishment.
What happens next?
Crypto investors in France are understandably worried. Many are investing in physical security, especially when traveling to the country. There’s growing pressure on the French government to impose harsher penalties and strengthen protections for crypto users.
It’s a strange situation. France is known for culture, fashion, and tourism, but now it’s gaining this other reputation. The crypto community there is watching closely to see how authorities respond to what seems to be a growing trend.
